Being a whole life plan, you get life cover for entire life. In case of unfortunate death of the life insured, Sum Assured along with vested bonuses will be paid. If the life insured dies after premium payment term, only Sum Assured will be paid.

Maturity Benefit:

At the end of policy term, Sum Assured along with vested bonuses will be paid.

Riders:

By paying additional premium, you can add Accidental death & Accidental total and permanent disability benefit rider and critical illness benefit rider with the plan.

Loans:

You can apply for loans against the policy.

Discounts:

If opted for Sum Assured equal and above Rs 5 lacs, discounts on premium will be made. Also 2% discount is provided to female policyholders as well.

Are there any tax benefits?

Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

What else should I know about?

Reinstatement: You can revive a lapsed policy within 3 years from the due date of first unpaid premium.

Surrender Value: The minimum guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.

Free Look Period: Jeevan Safar plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.